Soybean CommentSoybeans closed slightly lower following several poor U.S. economic reports. In addition, improved planting conditions across the Midwest weighed on the markets. Old crop soybeans held above $14, while November remained a little above $12. Tight supplies and the potential for further delays in planting developing limited downside pressure.

Grain Comments

Wheat was under heavy selling pressure which saw July futures close below $7. The market is in position to test stronger support at $6.87, and perhaps even $6.65. Big export potential from the Black Sea region kept a lid on the market.

Corn Comments
Corn declined slightly as weather has allowed planters to move at a rapid pace. The crop is still late and there is a question about yield potential and acreage planted. Both factors are expected to limit downside pressure in the near future. Long term the size of the crop will become more important as USDA currently projects a crop just over 14 billion bushels, while being very generous in projected demand. Even so, stocks could exceed 2 billion bushels.